AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016-A  5.25%, 11/15/35

2.47%

2) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017-A  5.00%, 9/01/42

2.10%

3) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29

2.09%

4) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46

1.74%

5) Wisconsin Public Finance Authority  AGM  Series 2018  5.00%, 7/01/58

1.69%

6) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48

1.58%

7) Los Angeles Department of Water & Power Power System Revenue    Series 2013-B  5.00%, 7/01/30

1.54%

8) Tobacco Settlement Financing Corp./NJ    Series 2018A  5.00%, 6/01/46

1.53%

9) Metropolitan Pier & Exposition Authority    Series 2020  5.00%, 6/15/50

1.52%

10) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39

1.46%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

21.99%

Airport

8.02%

Toll Roads/Transit

6.30%

Electric Utility

5.21%

Revenue - Miscellaneous

4.68%

Prepay Energy

2.74%

Water & Sewer

2.11%

Tobacco Securitization

1.53%

Higher Education - Public

1.00%

Higher Education - Private

0.93%

Primary/Secondary Ed. - Public

0.92%

Port

0.69%

Industrial Development - Utility

0.46%

Senior Living

0.26%

Industrial Development - Industry

0.19%

SUBTOTAL

57.03%

Tax Supported

Special Tax

18.05%

State G.O.

7.68%

Local G.O.

2.47%

Tax-Supported State Lease

2.44%

Assessment District

2.06%

Tax-Supported Local Lease

0.55%

SUBTOTAL

33.25%

Prerefunded/ETM

8.81%

Asset-Backed

Housing - Multi-Family

0.66%

SUBTOTAL

0.66%

Cash Equivalents

Investment Companies

0.25%

SUBTOTAL

0.25%

Total

100.00%

State Breakdown

Portfolio %

New York

11.44%

California

10.60%

Illinois

10.30%

New Jersey

8.15%

Pennsylvania

7.68%

Florida

5.37%

Connecticut

5.30%

Texas

4.70%

Michigan

3.77%

South Carolina

3.08%

Wisconsin

2.91%

Alabama

2.43%

Nebraska

2.10%

Colorado

1.81%

Oklahoma

1.80%

Georgia

1.62%

North Carolina

1.59%

Minnesota

1.51%

Massachusetts

1.39%

Tennessee

1.38%

Arizona

1.29%

Utah

1.20%

Maryland

1.07%

Ohio

1.05%

District of Columbia

0.94%

Kansas

0.86%

Guam

0.83%

Kentucky

0.80%

West Virginia

0.66%

Puerto Rico

0.53%

Hawaii

0.41%

Arkansas

0.32%

Indiana

0.19%

Iowa

0.19%

Louisiana

0.18%

Washington

0.17%

New Hampshire

0.13%

Other

0.25%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

4.50%

AA

30.78%

A

33.28%

BBB

19.08%

BB

2.23%

D

0.28%

Not Rated

0.79%

Pre-refunded Bonds

8.81%

Short-Term Investments

0.25%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.25%

1 to 5 years

1.79%

5 to 10 years

22.94%

10 to 20 years

33.99%

20 to 30 years

36.12%

More Than 30 years

4.91%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.84%

Average Coupon:

5.01%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.70%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

3.91%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.58%

Total Fund Leverage:

39.19%*

Average Effective Maturity:

4.60  Years

Effective Duration:

N/A

Total Net Assets:

$447.69 Million**

Common Stock Net Asset Value:

$15.57

Number of Holdings:

185

Portfolio Turnover:

6%